(TheNewswire)
Vancouver, Canada / TheNewswire / May 2,
2018 - Guyana Goldstrike Inc. (the “ Company ” or “
Guyana Goldstrike ”) (TSXV: GYA, OTC: GYNAF, FSE:1ZT) provides a
corporate update on its Marudi Gold Project (“ Marudi ” or the “
Property ”) located in the Guiana Gold Belt, Guyana, South America.
Mr. Peter Berdusco, President and CEO stated, "We are proud of our accomplishments to date which
include Zijin Fund’s strategic investment of C$3.2 million and the Mazoa Hill zone mineral resource estimate. In addition to Mazoa
Hill, the Property also encompasses a second gold zone, Marudi North, which is one kilometre to the north of Mazoa Hill. Now that
we are funded and actively engaged in a multi-phase exploration program our primary objective is to expand existing resources and
discover additional mineralized zones."
Key Highlights
The Company has accomplished the following milestones:
-Produced a mineral resource estimate report on the Mazoa Hill zone containing 259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8
grams/ tonne (g/t) and 86,200 inferred gold ounces within 1,653,000
tonnes grading 1.60 grams/ tonne
(g/t)
-Completed a C$3.2 million strategic investment with Zijin Global Fund and Zijin Midas Exploration
Fund LLC
-Completed 3D interactive models of the legacy drill data from the Mazoa Hill and Marudi North zones
that can be viewed on the Company’s website
-Received gold royalty payments from local alluvial mining activities
-Commenced phase one of a multi-phase exploration program
Multi-phase Exploration
-Currently underway with the objective of delineating additional ounces through exploration of the
current mineralized zones and exploring the additional 95% of the Property which is largely unexplored
-Expand on the mineralized areas at the Mazoa Hill and Marudi North zones
-Continue with extensive trenching and sampling throughout the Property
-Complete an airborne geophysical survey of the entire Property
-Generate drill targets for the planned phase one diamond drill program
Property Geology
Gold mineralization at Marudi is regarded as being related to iron-formation-hosted gold ("IFG")
deposits that occur in other cratonic greenstone belts around the world. These deposits can be large and long in mine life. They
have a strong association between gold and iron sulfide minerals, the presence of gold bearing quartz veins and structures, the
occurrence of deposits in structurally complex terranes, and the absence of lead and zinc enrichment.
Examples of some existing IFG deposits are: the Homestake Mine, Lupin Mine, and Musselwhite
Mine.
The Homestake Mine is located in South Dakota USA and was the largest and deepest gold mine in North
America. It has reported production of 43.9 million ounces of gold (source: https://en.wikipedia.org/wiki/Homestake_Mine_(South_Dakota) and was in production from
1878-2001.
The Lupin Mine located in Nunavut, Canada, no longer in production, produced approximately 3 million
ounces of gold (source: http://www.kinross.com/news-and-investors/news-releases/press-release-details/2003/Suspension-of-Operations-at-the-Lupin-Mine/default.aspx
).
The Mussellwhite Mine has estimated reserves of 2.29 million ounces of gold (source: https://en.wikipedia.org/wiki/Musselwhite_mine
) and is owned and operated by Goldcorp and will be in production until 2020.
About the Marudi Gold Project
The Company is developing the Marudi Gold Project located in Guyana, South
America, the project is unique in that it has a 20-year mining license in good standing, all-season road access, infrastructure in
place, with an established mining camp serviced by employees, service buildings, and a full-time mining manager. The Property has
three known gold bearing areas, specifically the alluvial areas, the saprolite, and the underlying hard-rock.
There has been 42,000 metres of historic diamond drilling (141 holes) completed on the Project by
prior operators. The Company has recently completed a mineral resource estimate on the Mazoa Hill zone containing
259,100 indicated gold ounces within 4,428,000 tonnes grading 1.8 grams/ tonne (g/t) and 86,200 inferred gold ounces within
1,653,000 tonnes grading 1.60 grams/ tonne (g/t). There exists excellent exploration upside through the
development of previously identified mineralized bedrock targets on the Project.
For information concerning the mineral resource estimate and the Project, readers are encouraged to
review "Technical Report: Marudi Property Mazoa Hill Mineral Resource Estimate”, a technical report prepared for the Company by
Global Mineral Resource Services and is available on the Company’s website in the investor’s section and under the Company's
profile on SEDAR www.sedar.com.
About Guyana
The Republic of Guyana is located in South America between Venezuela and Suriname. The country is
English speaking and under British Common Law with a democratically-elected government. It has an established mining act and a rich
history of gold production. In 2016, 690,000 ounces of gold was produced by operators mining in the country. The Fraser Institute’s
2016 Annual Survey of Mining listed Guyana as the third best mining jurisdiction with regards to investment
attractiveness in the Latin America and Caribbean Basin sub-group. The Guiana Shield is the geographic gold-hosting region, and is
world-recognized as a premier gold belt that is highly prospective, under-explored and has geological continuity with West Africa.*
In 2016, two mines in Guyana declared the commencement of commercial production: the Aurora deposit (Guyana Goldfields) and
the Karouni deposit (Troy Resources).
* Independent Technical and Environmental Review Karouni Gold Project - Guyana, Behre Dolbear
Australia Pty Ltd, April 29, 2016
Option Grant
The Company also announces that it intends to grant 1,500,000 incentive stock options to certain
directors, officers and consultants of the Company. These options will vest immediately and will be exercisable at a price of
$0.25 for a period of sixty-months.
Qualified Person
Locke Goldsmith, M.Sc., P. Eng, P. Geo, Chief Geologist and Exploration Manager for the Company, is
a Qualified Person in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral
Projects . Mr. Goldsmith has reviewed and approved the scientific and technical content of this news
release.
FOLLOW US:
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
Peter Berdusco
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news
release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar
words or expressions identify forward-looking statements or information. These forward-looking statements or information may
relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or
government requirements or approvals, the reliability of third party information, continued access to mineral properties or
infrastructure, fluctuations in the market for gold, changes in exploration costs and government regulation in Guyana, status of
artisanal mining activities and associated rights, and other factors or information. Such statements represent the Company’s
current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while
considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social
risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or
achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by
such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these
forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events
affections such statements and information other than as required by applicable laws, rules and regulations.
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